Technical analysis

WTI Wave Analysis – 20 November , 2018

  • WTI broke support area
  • Further losses are likely

WTI today broke through the support area lying between the key support levels 55.00 (monthly low from November of 2017) and 56.00 (which stopped the price earlier this month).

The breakout of this support area continues the active short-term impulse wave C – which belongs to the intermediate ABC correction (4) from the start of July.

WTI is expected to fall further and re-test the next round support level 50.00 (target price for the completion of the active impulse wave C).

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